本期节目邀请了 Euclidean Capital 总裁兼首席投资官 Ashvin Chhabra，探讨如何构建兼顾安全和目标追求的投资组合策略。Ashvin 提出财富配置框架，强调理解模型的特定环境、风险演变、行为金融在财富管理中的作用，以及如何看待通货膨胀和财富保值等问题。

👨‍🏫 Ashvin Chhabra 提出财富配置框架，旨在帮助个人投资者构建平衡安全与目标追求的投资组合策略。该框架将投资组合分为三个主要部分：核心资产、增长资产和机会资产，分别代表不同的风险和回报特征。 核心资产是指低风险、稳定收益的资产，例如债券、现金等。这些资产可以为投资组合提供稳定性，并作为基础保障。 增长资产是指具有较高增长潜力的资产，例如股票、房地产等。这些资产可以帮助投资者实现长期目标，例如退休储蓄或子女教育基金。 机会资产是指具有高风险、高回报的资产，例如私募股权、对冲基金等。这些资产可以为投资组合提供额外的收益，但同时也伴随着更高的风险。

📈 Ashvin Chhabra 指出，现代投资组合理论存在局限性，因为它没有充分考虑行为金融的影响。行为金融研究表明，投资者在决策过程中会受到情绪和认知偏差的影响，从而导致非理性的投资行为。因此，在构建投资组合时，需要考虑投资者的风险承受能力、投资目标以及行为特征。 例如，对于风险厌恶程度高的投资者，可以将更多的资金配置到核心资产，以降低投资组合的波动性。对于追求高回报的投资者，可以将更多的资金配置到增长资产，以提高投资组合的潜在收益。 此外，Ashvin Chhabra 还强调了理解模型的特定环境的重要性。投资模型并非万能药，它们需要根据市场环境和个人情况进行调整。例如，在通货膨胀率上升的情况下，需要调整投资组合的配置比例，以降低通货膨胀风险。

🌎 Ashvin Chhabra 认为，投资组合需要进行多元化配置，以降低风险。他建议投资者将资金配置到不同的资产类别、不同的行业、不同的地区，以分散投资风险。例如，可以将资金配置到股票、债券、房地产、商品等不同类型的资产。 此外，Ashvin Chhabra 还强调了关注人类因素的重要性。投资不仅是数字游戏，还需要考虑投资者的个人价值观、目标和风险承受能力。例如，对于追求环保可持续发展的投资者，可以将资金配置到绿色投资产品。 总体而言，Ashvin Chhabra 的财富配置框架提供了一个全面的投资策略，它将安全与目标追求、理性与行为金融、多元化与人类因素等要素结合在一起，为投资者提供了宝贵的参考。

How do you create a portfolio strategy that takes into account both safety and the pursuit of your aspirational goals?

 

That’s what today’s guest, Ashvin Chhabra, set out to answer with the Wealth Allocation Framework. Ashvin is President and Chief Investment Officer of Euclidean Capital, a New York-based family office for James H. Simons & Marilyn H. Simons. The Simons Foundation is dedicated to advancing research in mathematics and the basic sciences and is currently one of America's largest private funders in those areas. Prior to his current position, Ashvin was Chief Investment Officer for Merrill Lynch and Chief Investment Officer at the Institute for Advanced Study in Princeton, New Jersey. He's also the author of a terrific book, The Aspirational Investor, which was published in 2015. Ashvin holds a Ph.D. in Applied Physics from Yale University in the field of nonlinear dynamics.

 

In this episode, Ashvin, Tano, and I discuss Ashvin’s background as a theoretical physicist, why he didn’t see himself becoming a great trader, how the Wealth Allocation Framework was developed, his frustrations with modern portfolio theory, how he brings behavioral finance into wealth management, how to think about inflation and wealth preservation, and so much more!

 

 

Key Topics:

 

Welcome Ashvin to the show (1:05) The beginnings of Ashvin’s dream of becoming a physicist (2:58) The deep insights Ashvin was exposed to in his university studies (3:53) Benoit Mandelbrot’s influence on Ashvin’s thinking (5:51) Ashvin’s transition from theoretical physicist to derivatives trading (9:20) Why Ashvin didn’t resonate with a career on the trading floor (11:24) How the Wealth Allocation Framework was developed (15:54) Three main components of the wealth allocation framework (18:11) The engine of wealth creation (22:24) Why we need to understand models in their specific context (25:05) An evolving view of risk (28:46) Bringing behavioral finance into wealth management (31:23) Ashvin’s perspective on the evolution of the endowment model (34:55) Diversifying through various ecosystems (38:26) How to think about inflation and wealth preservation (41:43) Bringing in an element of common sense and humanity (45:26) The macro issues that worry Ashvin (47:52) The beauty of the non-linear aspects of financial markets (51:13) Ashvin’s book recommendations (53:03) And much more!

 

Mentioned in this Episode:

 

Ashvin B. Chhabra’s Book | The Aspirational Investor: Taming the Markets to Achieve Your Life's Goals Ashvin B. Chhabra’s Paper | Beyond Markowitz: A Comprehensive Wealth Allocation Framework for Individual Investors Patrick Bolton, Tano Santos and José Scheinkman’s Paper | Cream Skimming in Financial Markets Robert A. Caro’s Book | Working Robert A. Caro’s Book | The Power Broker: Robert Moses and the Fall of New York Benoit Mandelbrot & Richard L Hudson’s Book | The Misbehavior of Markets: A Fractal View of Financial Turbulence Benjamin Graham’s Book | The Intelligent Investor: The Definitive Book on Value Investing Morgan Housel’s Book | The Psychology of Money: Timeless lessons on wealth, greed, and happiness Amor Towles’ Book | A Gentleman in Moscow

 

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